Strategy Resumes Bitcoin Accumulation with Back-to-Back Buys

Michael Saylor-led Strategy, formerly known as MicroStrategy, has resumed its Bitcoin accumulation with back-to-back weekly purchases for the first time since June. The company acquired 1,665 Bitcoin for $142.7 million during the week ending September 27, following a purchase of 950 BTC for $75.7 million the previous week.

This renewed buying activity marks a significant shift for Strategy, which had previously alternated between purchases and pauses, even selling some of its Bitcoin earlier this quarter. The latest acquisition is approximately 75% larger than the prior week's buy, indicating a robust increase in accumulation.

As a result of these purchases, Strategy's total Bitcoin holdings have reached a new all-time high of 847,666 BTC, valued at around $70.7 billion. This represents a net gain of 1,666 BTC during the third quarter, reversing a previous decline in quarterly accumulation. Strategy has now achieved 24 consecutive quarters of net Bitcoin growth.

Despite the positive accumulation, the company has reported a year-to-date Bitcoin yield of -3.7% and a negative BTC Gain of 25,085 BTC, equating to about -$2.1 billion. The latest acquisitions were financed through its at-the-market common-stock program, which generated approximately $246.2 million in net proceeds from the sale of MSTR shares.

In addition to Bitcoin purchases, Strategy has also been active in repurchasing its Variable Rate Series A Perpetual Stretch preferred stock, spending about $151.7 million last week. The company aims to stabilize this security, which has struggled to maintain its par value since May.

Strategy is also proposing a change to its preferred securities' dividend structure, seeking approval for daily dividend payments at an upcoming shareholder meeting. This move is intended to enhance the attractiveness of the securities to income investors.